Starbucks reports strong quarterly sales and raises annual outlook
Summary
Starbucks reported higher-than-expected sales and profits for its latest quarter and increased its forecast for the full year. The company’s sales grew strongly in both the U.S. and global markets, and it made operational changes to improve customer experience.Key Facts
- Starbucks’ global same-store sales rose 7.9% in the third fiscal quarter, beating the expected 5.7% increase.
- U.S. same-store sales also grew 7.9% in the April-June period.
- The company raised its full-year global same-store sales growth forecast from 5% to 6%.
- Starbucks now expects earnings per share of $2.55 to $2.65, up from the previous $2.25 to $2.45.
- Quarterly revenue was $9.3 billion, slightly lower than before but still above analysts’ forecast.
- Net income increased by 87% to $1 billion in the quarter.
- Starbucks improved service by adding staff during busy times and using technology to handle orders more efficiently.
- The company redesigned stores to create a more comfortable, coffeehouse atmosphere.
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